Regarding the GBP/USD pair, the wave analysis remains quite complex but may become clearer in the coming weeks. A successful attempt to break the Fibonacci level of 50.0% indicates the market’s readiness to build a downward wave 3 or C. If this wave indeed continues to develop, the wave pattern will become much simpler, and…
The wave analysis of the 4-hour chart for the EUR/USD pair remains unchanged. At the moment, we observe the construction of the presumed wave 3 within wave 3 or c of the downtrend segment. If this is indeed the case, the decline in quotes will continue for quite some time, as the first wave of…
Trade analysis and advice on trading the British pound The test of the price at 1.2423 in the first half came at a moment when the MACD indicator had descended significantly from the zero mark, limiting the further downward potential of the pair. For this reason, I did not sell. I couldn’t wait for a…
Trade analysis and advice on trading the Japanese yen In line with our usual trading approach, there were no tests of the levels I indicated in the first half of the day near the annual maximum, which prevented entry into the market. Traders betting on the rise of the dollar are increasingly adhering to a…
Trade analysis and advice on trading the European currency There was no test of the levels I marked in the first half of the day. For this reason, it was not possible to find a suitable entry point into the market. Yes, the IFO data for Germany came out fairly good, allowing euro buyers to…
The EUR/USD currency pair continued to correct on Tuesday. More precisely, it continued to trade within the sideways range of 1.0620–1.0681 for most of the day. During the day, there was a slight increase, which was provoked by business activity indices, which will be discussed below. Overall, it can be noted that the pair’s volatility…
Overview of trading and tips on USD/JPY The price test of 154.86 at the beginning of the US session occurred at a time when the MACD indicator was in overbought territory, clearly limiting the pair’s downward potential. For this reason, I did not buy, and I did not wait for the second test to execute…
Analyzing Tuesday’s trades: EUR/USD on 1H chart EUR/USD continued to correct higher on Tuesday. The euro strengthened throughout the day, however, circumstances played a significant role. We did not expect the European PMI data to turn out positive while the US reports would falter. In Germany and the European Union, they were not conclusive, as…
Analyzing Tuesday’s trades: GBP/USD on 1H chart The GBP/USD pair also showed quite a strong upward movement on Tuesday, which was solely triggered by the macro data. Take note that the British pound doesn’t have many reasons to rise, and the economic reports mostly work in favor of the dollar. However, yesterday the situation was…
Analysis of macroeconomic reports: Relatively few macroeconomic events scheduled for Wednesday. One might pay attention to the IFO Business Climate Index in Germany. But today, market participants will focus on the US report on durable goods orders. The US dollar lost quite a bit of ground yesterday, so it is possible that bears will try…